Talent Management – recruiting, developing and retaining employees in their latter career phases
Demographic change will have significant implications on the future workforce composition and forces employers to find solutions for talent management. The baby boomer generation will be retiring in large numbers leading to a net outflow of talent. How should employers deal with this?
Miriam Lenzlinger & Monica Lea Lüscher, 2018
Bachelor Thesis, UBS AG
Betreuende Dozierende: Ganesh Nathan
Keywords: HR challenges, demographic change, aging society, talent management, retirement planning, early retirement models, succession planning, knowledge transfer, bow career, corporate culture, work ability, experience, pension fund, life-long learning, career development
Employees in the service industry typically reach their highest career development shortly before retirement. Stressful fast-changing environment and the ongoing digitalization lead to elderly employees struggling to keep themselves qualified; they demand for more flexibility to find their work meaningful. The client’s goal is to retain these employees within their workforce by keeping them qualified and to leverage their experience until retirement or beyond. These employees’ needs are to be seriously considered to ensure that they remain engaged and productive to transfer their know-how.
Based on literature review and discussions with the client, three firms have been identified to be the leaders in the field of talent management. In a second step, the authors interviewed HR business partners, line managers and employees of the identified companies to gain a deeper insight into the companies' approaches. The interview questions were elaborated by means of theoretical frameworks based on organizational management theories. The results of the qualitative research, using the multiple case study approach, were compared and critically reflected.
The results show that flexible working models constitute an important need for employees aged 50+. Implementing a culture that is lived by everyone in the company and which promotes the use of flexible working models is a big challenge for firms. As a result, the authors clearly recommend focusing on a proper culture with less emphasis on ranks and prestige. The use of role models can help to shape organizations’ culture. Moreover, it was found that financial aspects, in particular the pension fund, play an important role in an employee’s retirement planning. A focus on the development of a financial retirement plan is highly recommended.
To keep employees fit and qualified the authors suggest using internal mobility. This promotes interaction within departments and knowledge transfer.
The authors conclude that there is not a certain age when employees start to plan their retirement phase. In fact, it is an individual approach, highly influenced by the employee's current personal situation. The client is advised to consider the age of employees but to offer a wide range of flexible working models from which each employee can choose independently.
Studiengang: Business Administration International Management (Bachelor)
Fachbereich der Arbeit: HR & Organisation
Art der Arbeit
UBS AG, Zürich
Autorinnen und Autoren
Miriam Lenzlinger & Monica Lea Lüscher
Sprache der Arbeit
Business Administration International Management (Bachelor)
HR challenges, demographic change, aging society, talent management, retirement planning, early retirement models, succession planning, knowledge transfer, bow career, corporate culture, work ability, experience, pension fund, life-long learning, career development